Ins ights on Go ld: Go ld Invest ing Outlook Con tinues to Shine Ju ly 25, 2017 For Inst itut ional Inves tor Use Only . Retail dissemination is prohibi ted. Filed Pursuant T o Ru le 433 Reg istration No. 333-217785 July 28, 2017

Discussion Agenda First Half: Gold del ivered returns in excess of 8%* Demand trends: In ves tors may be seeking out gold in an effort to enhance portfol io returns and diversification amid low global rates Countering d ollar strength: Why combining GLD® (SPDR® Gold Shares ) and GLDW (SPDR® Long Dollar Gold Trus t) may help investors minimize the effect of cu rrency movements * Source: Bloomberg Financial L.P. & SSGA. Date start from 12/31/20016 to 6/30/2017, and exact return is 8.43%

Gold Performance vs Commodities and Bonds Source: Bloomberg Financial L.P. & World Gold Council. Date start from 12/31/2016 to 6 /30/2017. Past performance is no t a guarantee of future results. Performance above does no t reflect charges and expenses associated with the fund or brokerage commissions associated with bu ying and sellin g exchange traded fun ds. Performance is not meant to represent the performance of any particu lar exchange traded fund. This material shows information for ind ices . An index is unmanaged , is n ot subject to fees, and is not availab le fo r d irect investment.

Gold Spot Price ($/oz) Performance Source: Bloomberg Finan cial L.P. , Data as of 6/30/2017. Proxy fo r gold is LBMA Gold Price PM USD. Past performance is not a guarantee of future resu lts. Performance above does not reflect charges and exp enses associated with the fund o r brokerage commiss ions associated with buying and sell ing exchange traded funds. Perfo rmance is not meant to represent the performance of any particular exchan ge trad ed fun d. 1H’2016 vs 1H’2017

GL D YTD Flows are Third Largest Among SPDR Family of ETFs Source: SSGA & Bloo mberg Financial L.P. Data as of 6/30/2017 This information above sh ould not be construed as a recommendation to invest in a particu lar security. YTD Flows ($M)

Quarterly Flows by Region Date as of 6 /30/2 017 $/Ounce Percent

What do you believe are the b iggest risks to portfol io performance? (check all that apply) High Inflat ion Trade wars Expensive s tock valuations Political risk in Eu ro pe Political g ridlock in Washington Poll ing Quest ion 1

Gold return seasonali ty (1986-2016) Source: World Gold Council & Bloomberg Financial L .P. As if 12/31/2016 Pas t perfo rmance is not a guarantee of future results . Performance above d oes not reflect charges and ex penses associated with the fund or brokerage commiss ions associated with buying and sell ing exchange traded funds . Performance is not meant to represent the performance of any particular exchange traded fu nd. Gold is measured by LBMA Gold Price PM ($/o z) 90% con fiden ce band measures the probabil ity that a value wil l fal l between upper and lower bo und

Average Annual Demand Source: World Gold Council as of 12/31/20 16

E merging Markets are th e largest source o f physical deman d led by China and India Source: World Gold Council as of 12/31/2 017

Curren t Implied Probab ili ty of an Interest Rate hike is Almost 50 /50 Source: Bloomberg Fin ancial L .P. & SSGA Date as of 7/17/2017

Growth in Europe and Asia for Bars and Coins Source: Wo rld Gold Council Date as of 12/31/2016 Tonnes

How do you expect the dol lar to perfo rm over the next 12 (OR 6 ) months? Streng then Weaken Stay more or less around the same level I’m no t sure/don’t have a s trong v iew Pollin g Question 2

US Dollar and Gold Have His torically T ended to Move in Opposite Directions Gold & USD Semi-Annu al Returns Sou rce: Bloomberg, State Street Glo bal Advisors (SSGA), from December 31, 20 15 to June 30, 2017. Past performance is not a guarantee of futu re results. Performance ab ove does not reflect charges and expenses associated with the fun d or brokerage commissions associated with buy ing and sel ling ex change traded funds. Performance is no t meant to represent the perfo rmance of any particu lar exchange traded fund. Percent

Comparison between GLD and GL DW Source: Bloomberg Financial L.P. & SSGA, Date as o f 6 /30/2017 Performance quo ted rep resents past performance, which is no guarantee of fu ture resul ts. Inves tment retu rn and principal value will fluctuate, so you may h ave a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit spdrs.com for mos t recent month-end performance. It is not possible to invest d irectly in an index.

Diverg en ce of Volat ility Source: Blo omberg Financial L.P. & SSGA as of 6/30/20 17 Pas t perfo rmance is not a g uarantee of future results

Gold’s Historical Returns Source: World Gold Council & Bloomberg Financial L .P. As of 12/31/2016 Past performance is not a guarantee of future resu lts. Index return s are unmanaged and do n ot reflect the deduction of any fees o r expenses. Index return s reflect all items of income, gain and lo ss and the rein ves tment of dividends and o ther income. Performance above does not reflect charges and expenses associated with a fund or brokerage commissions associated with buying and sel ling exchange traded funds . Gold is measured by LBMA Gold Price PM ($/oz) Long-term asset performance

Correlat ion of S&P 500 versus Go ld & Commod ities

GL D’s Role in Mu lti -Asset Po rtfolios Source: Bloomberg Financial L.P.. & SSGA

How do you expect the dol lar to perfo rm over the next 12 months? Strengthen Weaken Stay more or less around the same level I’m not sure/don’t have a stro ng view Poll ing Quest ion 3

Q&A

Standardized Performance So urce: spdrs.com Performance quo ted rep resents past performance, which is no guarantee of fu ture resul ts. Inves tment retu rn and principal value will fluctuate, so you may h ave a gain or loss when shares are sold. Cu rrent performance may be higher or lower than that quoted. Visit spdrs.com for mos t recent month-end performance. The market price used to calcu late the Market Value return is the midpoint between the highest b id and the lowest offer on the exchange on wh ich the shares of the Fund are lis ted for trad ing, as of the time that the Fund's NA V is calculated. If you trade your shares at ano ther time, your return may d iffer. Gross Expense Ratio: 0 .40% SPDR® Gold Shares Performance as of June 30 , 2017

Standardized Performance So urce: spdrs.com Performance quo ted rep resents past performance, which is no guarantee of fu ture resul ts. Inves tment retu rn and principal value will fluctuate, so you may h ave a gain or loss when shares are sold. Cu rrent performance may be higher or lower than that quoted. Visit spdrs.com for mos t recent month-end performance. The market price used to calcu late the Market Value return is the midpoint between the highest b id and the lowest offer on the exchange on wh ich the shares of the Fund are lis ted for trad ing, as of the time that the Fund's NA V is calculated. If you trade your shares at ano ther time, your return may d iffer. Gross Expense Ratio: 0 .50% SPDR® Long Dollar Gold Trust Performance as o f June 30, 2017

Important Disclosu res Important risk information Invest ing involves risk, and you could lose money on an investment in each of SPDR® Gold Shares Trus t (“GL D®”) and SPDR® Long Do llar Gold Trust (“GLDW”) (together, the “Funds”). E TFs trade l ike stocks , are subject to investmen t risk, fluctuate in market value and may trade at prices above or belo w the ETFs’ net asset v alue. Brokerag e commissions and ETF expenses wil l reduce returns . Commodities and commodity-index l inked securities may be affected by changes in overal l market movements, changes in interes t rates, and other factors such as weather, disease, embargoes, o r poli tical and regulatory developments , as well as t rading act ivi ty of speculato rs and arbi trageu rs in the underlying commodit ies. GLDW is subject to regulation under the Commodity Exchange Act of 1936 (the “CEA”). U.S. regu lation of swap agreements is rapidly changing and is subject to further regu latory develop ments wh ich could be adv erse to GLDW. GLDW’s swap agreements wil l be sub ject to counterparty risk and liquid ity risk. Currency exchange rates between the U.S. dollar and non-U.S. currencies may fluctuate s ignificant ly over sh ort periods of time and may cause the value of GLDW’s in ves tments to decline. GLDW is a passive investment vehicle that is designed to track the Index. GLDW’s performance may deviate from changes in the levels of its In dex (i.e., create “tracking error” between GLDW and the Index) for a number of reasons, such as the fees and expenses of GLDW, which are not accounted for by the Index. Frequent trading of ETFs could s ignificantly increase commissions and other costs such that they may offset any savings from low fees o r cos ts. Divers ificat ion does not ensure a profit or guarantee agains t loss. Investing in commodit ies entails sign ificant risk and is no t appropriate for all investors. Important Information Relating to SPDR® Go ld Shares T rus t (“GLD ®”) and SPDR® Long Dollar Gold Trust (“GLDW”): The SPDR® Gold Shares Trust (“GLD®”) and the SPDR® Long Dollar Gold T rus t (“GLDW”) have each filed a regis trat ion s tatement (including a prospectus) with the Securit ies and Ex change Commiss ion (“SE C”) fo r the offering s to which thwith the SEC for more complete information about each Fund and these offerings. Please see each Fund’s pro spectus for a detailed discussion of the risks of investin g in each Fund’s shares. The GLD prospectu s is availab le by clicking here, and the GLDW prosp ectus is available by clicking here. Yo u may get these documents for free by visit ing EDGAR on the SE C websi te at sec.gov or by visi ting spdrgoldshares .co m. Alternatively, the Funds or any authorized participant will arrange to send you the prospectu s if you request it by cal ling 866.320.4053 . Neither Fu nd is an investment company reg istered under the Investment Company Act of 1940 (the “1940 Act”). As a result , shareholders of each Fund do not have the protectio ns associated with ownership of shares in an investmen t company registered under the 194 0 Act. GLD is not subject to regu lation under the CEA. As a result, shareho lders of GLD do n ot have the p rotections afforded by the CEA. Shares of each Fund trade like stocks, are subject to inves tment risk and will fluctuate in market value. The value of GLD shares relates direct ly to the value of the gold held by GL D (less its expenses). Fluctuations in the price of gold could material ly and adversely affect an investmen t in the shares . The price received upon the sale of the shares, which trade at market price, may be mo re or less than the value of the gold rep resented by them. GLDW shares trad e l ike stocks, are subject to investmen t risk and will fluctuate in market value. The value of GLDW shares relates directly to the value of the gold held by GLDW (less its expenses) and the value o f a basket (“FX Basket”) comprising the euro , Japanese yen , Brit ish pound s terl ing, Canadian dollar, Swedish krona and Swiss franc (“Reference Currencies”) against the U.S. dollar. A decline in the p rice of go ld and/o r an increase in the value of the Reference Currencies comprising the FX basket against the U.S. dol lar cou ld materially and adversely affect an inves tment in the shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value o f the gold an d the price of each Reference Currency against the U.S. dol lar represented by them. Neither Fund generates any inco me.

Important Disclosu res and as each Fu nd regularly sel ls gold to pay for its ongoing expenses, the amount of gold represented by each Fund share will decl ine over time to that extent. The World Gold Council name and logo are a registered trademark and used with the permiss ion o f the World Gold Council pu rsuan t to a l icense agreement. T he World Gold Council in not responsible for the con tent of, and is not liable for the u se of or rel iance on , this material. World Gold Council is an affiliate o f the Sponsor of each of GLD and GLDW. Standard & Poor’s®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a regis tered t rademark of Dow Jones Trademark Hold ings L LC (Dow Jones); and these t rademarks have been licensed for use b y S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporat ion’s financial products are not sponsored, endorsed , sold or promo ted by SPDJI, Dow Jones, S&P, their respective affil iates and th ird party licensors and none of such part ies make any representat ion regarding the advisabi lity of invest ing in such p roduct(s) nor do they have any liabi lity in relation thereto. Important Information Relat ing to Solact ive GLD® Long USD Gold Index: GLDW is not sponso red, p ro moted, sold or suppo rted in any other manner by Solactive AG no r does So lact ive AG offer any express or imp licit guarantee or assurance ei ther with regard to the resu lts of using the Index and/o r Ind ex trademark o r the Index value at any t ime or in any other respect . The Index is calculated and published by Solactive AG. So lact ive AG uses i ts best efforts to ensure that the Index is calculated correct ly. Irrespective of its obligat ions towards GLDW, Solactiv e AG h as no obligation to point out errors in the Index to third parties including bu t not limited to inv es tors in and/or financial intermediaries transacting in or with GLDW. Neither p ublication of the Index by So lact ive AG nor the l icensing of the Index or Index trademark for the purpose of use in connection with GLDW const itutes a recommendation by Solactive AG to invest capi tal in GLDW nor does i t in any way represent an assurance or opin ion of Sola02111; T: +1 866 320 4053 spdrgoldshares.com BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and i ts affi liates, and BARCLAYS®, a t rademark and service mark of Barclays Bank Plc, have each been licensed for use in connect ion with the list ing and trad ing o f the SPDR Blo omberg Barclays ETFs. Distributor: State Street Global Advisors Funds Dis tributors, LLC, member FINRA, SIPC, an in direct wholly owned su bsidiary o f State Street Corpo ration. References to State Street may include State Street Corporation an d its affil iates. Certain State Street affil iates provide services and receive fees from the SPDR ETFs . ALPS Distribu tors, Inc., a reg istered broker-dealer, is distributo r for SPDR® S&P 500® ETF Trust , SPDR® S&P Mid Cap 400® ETF Trust and SPDR® Dow Jones Industrial Average ETF Trust, al l uni t inves tment trusts. ALPS Distribu tors, Inc. is not affiliated with State Street Global Adviso rs Funds Dis tributors, LLC. State Street Global Advisors Funds Distributor LLC is the distributor fo r some of the regis tered p rod ucts on beh alf o f the adviso r. SSGA Funds Management has retained Blacks tone/GSO Debt Funds Management LL C as the sub-adviso r to the SPDR Blacks tone /GSO Sen ior Loan EFT. Blackstone/GSO Debt Funds Management LLC and State Street Global Advisors Funds Dis tributors, LLC are not affil iated. Before invest ing, consider the funds’ investment objectives, risk s, charges, and expenses. For SPDR funds, you may ob tain a prospectus or summary prospectus con taining this and other information by calling 1‐866‐787 ‐2257 or visiting www.spdrs.com. Please read the p ro spectus carefully before investing. Not FDIC In sured , No Bank Guarantee, May Lose Value. © 2017 State Street Corporation . All Righ ts Reserved. State Street Global Advisors Funds Distributors , LLC, One Lincoln Street, Boston, MA 02111 Expiration date - 10/31/17 IBG - 24430

Important Disclosu res COPYRIGHT AND OTHER RIGHTS © 2 017 World Gold Council . All rights reserved. World Go ld Council an d the Circle device are trade marks of the World Go ld Council or its affiliates . No part of this p resentation may be cop ied, rep roduced , republished , sold , dis tributed, tran smitted, circulated, modified, displayed or otherwise used for any purpose whatsoever, inclu ding , without l imitation , as a bas is for preparing derivative works, without the prior writ ten authorization of the World Gold Council . Thomson Reuters and GFMS, Thomson Reuters content is the intellectual property of Thomson Reuters. Any copying , republication or redistribution of Thomson Reuters content, including by framing or similar means , is exp ressly prohibited withou t the prio r wri tten consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in its con tent, or for any action s taken in reliance thereon. "Thomson Reu ters" is a trademark o f T homson Reuters and its affiliated companies. All references to LBMA Gold Price have been provided fo r informatio nal purposes only. ICE Benchmark Administration Limited accep ts no liabil ity or responsib ili ty for the accuracy of the prices or the underlying product to which the prices may be referenced. Other third party con tent is the intel lectual property o f the respective third p arty and al l righ ts are reserved to them. All rights reserved. No organ izat ion o r indiv idual is permit ted to reproduce, distribu te or otherwise use the statis tics and information in this report without the writ ten agreement of the copyright owners.

Important Disclosu res DISCLAIMER Th is presentation contain s forward-loo king statements . The use of th e wo rds “bel ieves,” “expects,” “may,” or “sugges ts” or words o f s imilar import, id ent ifies a statemen t as “fo rward-look ing.” The forward -looking statements included herein are based on cu rrent expectations that invo lve a number of risks and uncertainties . These forward-loo king statements are based on the analysis of the World Go ld Council . Assumptions relatin g to the fo regoing involve judgments with respect to, among other things , future economic, competit ive and market conditions all o f wh ich are difficul t or impossible to predict accurately. In add ition, th e demand for gold and the international go ld markets are subject to substantial risks which increase the uncertain ty inherent in the forward-looking statements. In ligh t of the significant u ncertaint ies inherent in the forward-looking in fo rmation included herein, the inclus ion of such information should n ot be regarded as a representat ion by the World Gold Council that the fo rward-look ing s tatements will be achieved. We cau tion you no t to place un due rel iance on our forward-loo king statements . Except in the normal course of our publicat ion cycle, we do not in tend to update or rev ise any forward-looking statements, whether as a result o f n ew information, future events o r o therwise, and we assume no responsibili ty for updating any fo rward-look ing s tatements. Past performance is no indication of future results. This presentation is p rovided so lely for general information and educational purposes. It is not, and should not b e cons trued as, an offer to buy o r sel l, or as a sol icitation of an offer to buy or sell, go ld, any gold related products or any other p roducts, securities or investments . It does no t, and sh ould not be cons trued as acting to, sponsor, advocate, endorse or promo te gold , any gold related products or any other products, securi ties or investments. While we have check ed the accuracy of the information in this presentation, the World Gold Council does not warrant o r guarantee the accuracy, completeness or rel iabil ity o f this information. The World Gold Council does not undertake to update or ad vise of changes to the information in this presentation. The World Go ldmake any recommendations or provide any inv estment o r other advice with respect to the purchase, sale or other disposi tion of gold , any gold related products o r any other products , securi ties or investments, in cluding without l imitation , any advice to the effect that any gold related transaction is approp riate for any investmen t objective or financial situation of a pro spect ive inves tor. A decision to invest in gold, any go ld related products or any oth er produ cts, securities or investments should not be made in reliance on any of the s tatements in this p resentation. Before making any investment decision , prospective investors should seek advice from their financial advisers , take into accoun t their individual financial needs and circumstances and carefully consider the risks associated with such investment decision. Exp ress ions of opinion are those of the author and are subject to change without notice. This presentation is provided so lely for general information and educational purposes. It is n ot, and should not be cons trued as, an offer to buy o r sel l, or as a sol icitation of an offer to buy or sell, gold, any g old related products or any other p roducts, securities or investments . It does no t, and should not be cons trued as acting to, sponsor, advocate, endorse or promo te gold , any gold related products o r any other products, securi ties or investments. Exp ress ions o f opinion are those of the author an d are subject to change without notice.

Ins ights on go ld Gold Investing Outlook Continues to Shine [Start of recorded material] Tom Lydon : Hi. This is Tom Lydon, editor of ETF Trends. And welcome to today’s webcast: Gold Invest ing Ou tlook Con tinues to Shine. First of all, we’d like to thank State Street Global Advisors and also World Gold Council for sponsoring today ’s webcast. Some o f the things we’l l be talking about today will be the outlook for gold demand and supply. We’ll talk about gold’s performance as in terest rates, vo latili ty, and economic growth are all expected to increase, and also the effect that a weak and a strong dollar have on gold’s role in a well divers ified portfolio. Now, before I introduce today’s speakers, allow me to go through a coup le housekeep ing i tems. First, as always, gold is a very, very popular subject, and i t really brings a lot of quest ions . So don’t ho ld back. On the righ t-hand side of your dashboard, there’s a Q&A tab. Jus t click on that any time you have a question. Type it in. We’re going to t ry to get to as many quest ions as possible throughout the presentation. And speak ing of qu es tions , we have qu est ions fo r you, the advisors on today’s call — specific questions regarding gold and how you’re allocatin g gold and your feel ings toward gold. So again, there are no wrong answers , but p lease select the mu ltip le-choice answer that best suits you. We’re going to share the results of these pol ling

ques tions towards the end o f the presentation. Now, w e’ve got some resources. On the bot tom o f your screen, there’s a g reen-co lored fo lder. In that folder is a copy o f the PowerPo int p resentation that we’ll be addressing today along with some specific research reports and some key information on some of the ETF strateg ies that we’ll talk about today . So when you get a chance, look at those. And then final ly, in the teal-colored folder on the bottom o f your screen is a su rvey. It’s very, very brief, but we’d love for you to take a minu te and fi ll i t out . And if you do, your name will be thrown into a hat and three lucky adviso rs are going to be randomly selected to win a Starbuck’s gift card. So thank you for al lowing me to go through the housekeeping . Thanks again for being a part of th is presentation. It’s my pleasure to introduce today ’s speakers. First, George Milling- Stanley is head of Gold Strategy at State Street Global Adviso rs . George joined State Street Global Advisors in November o f 2014, and George reti red from a 15-year career with the World Gold Council in 2011. He’s an acknowledged autho ri ty in al l aspects of the gold business. George is a regular speaker at international co nferences and a good frien d. George, g reat to hav e yo u back.

T om Lydon: Next, Juan Carlos Artigas is the directo r o f Investment Research at the World Gold Council. Juan Carlos’s responsibili ties include managing the Global Investment Research team and providing oversight of research init iatives related to positioning gold as an integral part of an investor’s po rtfo lio. Juan Carlos has con tributed s ignificantly to reshaping World Gold Council’s approach to investment research through robust financial analysis and the introduct ion o f ideas such as gold as a tail -risk hedge, which has helped further gold’s case among professional investors. Juan Carlos has part icipated in webcas ts and ou r v irtual conferences in the past . JC, it’s great to have you back. Thank you. JC Artigas: Thank you so much , Tom. It ’s a pleasure to be here. Tom Lydon: So George, maybe I can ask you: Explain the unique relat ionship between State Street Global Advisors and the World Gold Council. It’s very interesting. George M-Stanley: Yeah. That’s an easy one for me, given that I’ve worked fo r both compan ies in the pas t. The American subsidiary of World Gold Council that sponso red GLD, the fi rs t ETF in th is market to be backed by physical go ld, shows SSgA as i ts marketing agen t for the fund back in 2 004, when i t was first launched. And I think experience has demons trated that

was a good decision. GLD is the clear market leader in the gold space, with $33 bi llion worth of go ld supporting the shares in is sue. So it should come as no su rp rise that when another U.S. subs idiary of World Gold Council decided to sponsor GLDW — a sister product o f GL D — in January of this year, SSgA was awarded the role o f marketing agent again. I think it ’s fair to say that bo th World Go ld Council and State Street derive great benefit from this excellent partnersh ip. And fo r investors, these p roducts have helped gold become a mainstream inves tment. So a great relationship all around. Tom Lydon: Excellent . Excellen t, George. Well , thank you . So let’s get started. We’re going to talk about gold investing and the out look as we move forward. Some of the th ings, as I touched on briefly: T he first half of the year, go ld delivered returns in excess of actually 9 percent, and the demand and the trends continue. Investors are seeking out gold as an effort to enhance a portfolio. In noncorrelated assets, it’s very, very popu lar right now. We’ll also talk a li ttle bi t about coun tering the do llar strength, too. So a lot o f advisors are real ly taking accoun t not only equities, fixed income, noncorrelated assets , but really looking at cu rrency, as well. And now through GLDW, we also have that availabil ity that we’re going to d ive into a l ittle b it. But Juan Carlos, let’s s tart with you.

My first ques tion : Gold has been somewhat weaker since the Fed interest-rate increase in June. How would you catego rize the year so far for gold? JC Artigas: Thank you, Tom. Yeah, indeed there was a li ttle bit of a pullback earl ier, in the second half of the year, so meaning just a few weeks ago . But we have actually recovered from that — er, gold has recovered. By now, year to date, we’re abou t 8 per-- sorry, about 9 percent in terms of the gold retu rn . But look ing back and looking at the fi rs t half of the year, there were various factors that , combined , helped push gold forward. Those included a weaker dollar but also market uncertainty in spi te of the [observed ] low-volatil ity env ironment that some investors [are] actually not only not icing bu t trying to take advantage of. Finally, there has been quite a strong demand especially in Europe, and there has been a recovery in Asian demand from the weaker levels s ince las t year. However, I think that the most importan t — Tom Lydon: [Crosstalk] JC Artigas: Yes . Sorry, I was ju st going to say that when in ves tors look at gold all around, they can see, as you were say ing, the impo rtance of gold not only as a diversifier but also now as a source of return. Tom Lydon: So George, over to y ou. A lo t of folks are look ing at go ld, and a lot of fo lks are looking at ETFs. So far in

2017 it ’s interesting, but flows into gold-backed ETFs have been weaker than what we saw in 2016. How wou ld you categorize — or characterize, let’s say — ETF activ ity during the first half of the year as it pertain s to gold? George M-Stan ley: You’re right, T om. We’ve not seen the size of inflows of investor money into go ld-backed ET Fs this year that we saw during the first half of 2016. Bu t you have to remember that the perfo rmance of the gold price has been markedly different this year from what we witnessed in 2016. By this point last year, gold had risen 30 percent from the lows seen at the time of the first Fed rate increase in December, 2015, and there was a lot o f pent-up demand. But that said, GLD continues to thrive. Investo rs bough t an additional $1.3 bill ion worth of shares, equ ivalent to 37 tonnes , of gold during the fi rs t half of this year. And what investors are telling me is they’re continuing to u se gold to counterbalance their increased exposure to stocks and other risk ier assets . And if you look on the next slide, you’ll see the data supports this. GLD flows in the fi rs t half of this year were the third-larges t among the whole SPDR family of ETFs . That’s qui te an achievement. T om Lyd on: Well, i t sure is. So Juan Carlos, is the trend similar in the rest of the world?

JC Artigas : Well, Tom, as I was saying before, gold has increased about 9 percent in dollar terms , but we’ve seen really interest ing activi ty around the rest o f the world. Actually, inflows into ETFs around the world have been quite robust, in particular in Europe. What we can see, actually, on the next s lide is that th is year Germany in part icular, amongs t some o f the European funds, but also the U.K. and Switzerland, have accounted — or at leas t in the fi rst half of the year they brough t in abou t 130 tonnes of gold. They cap tured about 70 percent of in flows during the first half, and that percentage actual ly continues to g row. Now, in Asia, we saw some smaller inflows coming ou t in the fi rs t year, but we have started to see a s ligh t reversal of the t rend in July. Tom Lydon: Excel lent, excel len t. So that’s kind of a good recap of what we’ve had so far this — the first half, but a lo t of adviso rs want to know what the perspective might be on the second half. And with that , befo re I get you r feel ings , let’s toss this question out to the advisors: So as an advisor, what do yo u believe are the bigges t risks to po rtfo lio performance? Would it be high inflation, trade wars, expens ive stock valu at ions, polit ical risk in Europe, or poli tical gridlo ck in Washing ton? So you can actual ly, in this case, check all that apply . So if you’re very heavy in certain ones, just check those. If there’s one that

s tands ou t for you, just check that one. It’s going to be interesting, again, to share the results towards the end of the p resentation. So while advisors are answering that question, George, kind o f back to you: What do you think is respons ible for the softness in the gold price since the rate h ike in June? What’s your take on demand fo r the rest o f 2017? George M-Stanley : Well, as usual before a rate hike, there was a good deal of speculative sel ling in gold in early June. That b rought the price back from the $1,290/ounce level that we saw at the beginning of the month. That selling was enough to trigger some importan t technical levels, with the weakness that we’re seeing now a resul t of further specu lative selling. In addition, I think that some in the speculative community are thinking the go ld market wil l suffer what they’ve come to expect as the summer doldrums. Now, I don’t think the seasonali ties that we used to see in the summer are anywhere near as important for gold now as they were 10 or 15 years ago, when demand was dominated by jewelry at 80 percent of the total and more, and investment demand was only a relat ively small part of the equatio n. Bu t sin ce we launched GLD in 2004, inves tment has become much more of a force, at times an almos t equal partner with jewelry. And that, I think, has changed the seasonalit ies in man y ways. Tom Lydon : Juan Carlo s, anything to add to that?

JC Artigas : Yeah . I was going to actual ly say, Tom, that interes ting ly the seasonality that does seem to persis t is gold-price strength around September. We’ve done historical analys is, and that historical analy sis suggests that the price of gold has increased two-th irds of the t ime in September over the past 35 years. The data shows that September is actually the only statis tical ly significant movement in the price of gold for a given year. Looking back at history at leas t informs you o f how the gold market and the gold price behaves. And that makes intu itive sense because September marks the con fluence of two trends: one, the s tart of the buying season in India and, on the o ther hand, that global inves tors start to come back from the summer and usually reposition their po rtfo lios ahead of the end of the year. George M-Stanley: I think what we’re saying is that we’re both agreed here that the curren t softness in the price could be a very, very good buying opportunity. Tom L ydon: Yeah, in teresting. Interesting , guys. So JC, turn ing back to you for a second, can you give us a perspective on the outlook for the rest of th e year, a l ittle b it more detail on so me of the things yo u’v e just touched on?

JC Artigas : Yeah , so let me start by giving the audience a general sense of demand fo r gold. General ly speaking , jewelry makes up the l ion’s share of demand — 54 percent on average over the pas t 10 years — fol lowed by 30 percent from investment , which includes bars , co ins, and gold-backed ETFs. Ten percent usual ly comes from electronics, and about 6 percent has come from cen tral banks over the past 10 years. Now, geographical ly — if w e move to the next slide? — the largest source o f physical consumer demand is led by India and Ch ina. The reason why this is relevant is when we look at this p icture o r agains t this backdrop, when we start to look forward And I’m go ing to concentrate on some of the key markets. Firs t, India: Indian demand has already improved from last year, wh ich actually was one of the lowes t levels since 2009 due to a comb ination of factors. And look ing forward , the single biggest challenge to the Indian economy and gold is how the new tax structu re, the so -called “[general sinner]” tax or GST, will fare. We expect the economy to be better adapted to GST with in the next three months and onwards from there. Combined with expectations of a bet ter monsoon from the meteo ro logy experts, it should result in a stron ger go ld demand for the year compared to last year. We expect demand for 2017 to be between 650 -750 tonnes , with a bias towards the higher end. Now, in terms of China, consumer demand in China is also looking better than last year.

We expect jewelry demand to p lateau after a few years of contractions, and we expect investment demand in the form of bars and coins to increase. Overal l we expect between 900 -1 ,000 tonnes of gold from China this year. For PDOC, the Chinese central bank, it h asn ’t increased its gold reserves in the pas t several months. But it is not surprising, given that for a while in the past their overall level o f reserves were fal ling as they were selling particularly Treasurys. By now, [FX] have con tinued to expand or have started to expand again. And we bel ieve that like any o ther emerging-market central bank, the use for gold in foreign reserves remains key. Now, mov ing to investment demand: Higher interest rates are generally seen as a headwind, as they increase the opportunity cost of investing in gold; however, gold returns have historically been pos itive, on average, when real returns are up to 4 percent. So the real ity is that real rates are stil l qui te low from a his torical perspective and , in various parts of the world, are negat ive. Indeed, the market is actually now pricing less than 40 percent — well , less than 50 percent — 40 percent when I las t checked earl ier this week of a rate hike by December. And final ly, if we move to — sorry — the next s lide, I just wan ted to add that there h as been a lot of good g rowth happening in Eu rop e and in Asia from a bar and co in perspective. So it’s not only what happens in the gold-backed ETF market, where there’s a lot o f

emphasis, but also the physical go ld bar and coin markets that have really g rown over the past decade. Tom Lydon: Juan Carlos, wh ile you’re talking about this sl ide for a second , I’m just going to th row a ques tion out to you. I th ink for advisors and even indiv idual investors that now know they can buy gold within an ETF Fo r investors and adv isors over in Europe and over in China, is it not as readily avai lab le? Do they not know of th is availabil ity? And is that why you’re seeing greater purchases in bars and coins? JC Artigas : I think that there are many ways to buy gold , and they serve various specific purposes. Gold-backed ETFs have gained popularity as a means to [cost-effect ively t rack] the price o f gold. However, I think that physical bar and co in demand is very good and complementary across markets. And again , there are many, many investors in the U.S. and abroad that ut ilize it as a way to access gold. In part icu lar in Europe, actual ly, go ld-backed ET Fs, as I mentioned in the past, h ave started to gain even more popu lari ty — Germany, to high ligh t one country, b ut it spans acro ss oth er markets. So i t complemen ts the markets. And in As ia, in particular in China, gold- backed ETFs hav e also started to pick up since last year, even more than the years befo re. But th ere’s a really well estab lished gold bar and coin market, a very heal thy market.

In reality , when you look back at overal l demand, abou t 25 percent of gold-investment demand is coming from ETFs — which, again, is good — but sti ll, two -thirds o f demand is in the form of bar and coins. And again, there are multiple, mult iple reasons why these two markets are complementary. I’m sure George can speak at more length about go ld-backed ET Fs in particular. Tom Lydon: Yeah, [crosstalk ] George M-Stanley: Yeah. I think that there’s a lot of countries, Tom Tom Lydon: Go ahead, George. George M-Stanley : There’s a lot of countries where there are no t rel iable physically backed gold ETFs available to investo rs , which is part o f the reason why bar and coin remains the biggest s ingle source of investment demand in the world these days. Tom Lydon: Yeah , absolutely. And George, we want to follow through with a l ittle b it more, but we have a qu ick question, another question for the adviso rs . And here it is: How do you expect the dol lar to perfo rm over the next 12 months? Do you feel it will s trengthen, weaken, stay more or less around at the same level, or you ’re not really sure or yo u don’t really h ave a view? So we’re g iving you an ou t there. But again, there are no wrong answers. So do you think the dol lar will

s trengthen, weaken, stay about flat, or you don’t wan t to participate in this question? So while folks are answering that question, George, maybe we can come to you. As we see the outlook for the do llar is rather mixed at p resent — it started out somewhat strong about six mon ths ago, and i t’s been weak the las t six months — how does i t compare to what you ’re hearing from inves tors about their expectation for the dol lar and gold? George M-Stanley : You’re absolutely right, Tom. None of the investors o r advisors that I’ve been talking with seems to have a clear expectation of where the dollar is likely to be, and there’s a to tal absence of the u sual consensus on the ou tlook . Investors were generally more bullish on the dollar last year, especial ly in the second half. But so far in 2017, the dol lar has weakened by around 6 percen t or so. General ly we expect a weaker do llar to be supportive of higher gold p rices. That’s what’s tran spired this year, with gold being up by about the same percentage as the dol lar is down. That’s rather restricted the po ten tial of the new product that we brought to market this January in co llaboration with the U.S. su bsidiary o f World Gold Council , the SPDR Long Dollar Go ld Trust , ticker symb ol GLDW. Just like GLD, GLDW is 100 percent backed by physical gold , and that is the only asset that bo th ETFs hold.

But as i ts name indicates , GLDW seeks to offer investors a long pos ition in go ld priced not in dol lars like GLD bu t, rather, in a basket of six foreign currencies . These currencies are the euro, the yen, the pound, the Canad ian dollar, Swed ish k rona, and the Swiss franc. The new ETF was designed to counter the potent ial for a s trengthening dollar to have an adverse impact on the performance of gold priced in dollars. While the structure includes a currency overlay, movemen ts in the cu rrencies are reconciled through an exchange of phys ical gold. Now, if we look at the next slide, there are obvious differences between the two products . GLD tends to benefi t from a weaker dollar, GLDW from a stronger dollar. Bu t they can also be complementary within a portfolio . Rather than try ing to second-guess the foreign-exchange markets by trading back and forth between the two ETFs, some investo rs have told me they’ve s imp ly spl it their gold allocation between the two products. What that does — it effectively removes expected movemen ts in fo reign exchange from the decisionmaking process, and that allows inves tors to focus on the key arguments in favor of a strategic al location to gold. I would summarize these as gold’s low correlat ion to other assets; its relatively low place on the spectrum of volatil ity; and its historical record of offering some protectio n ag ainst the unexpected, both macroecon omic and geopo litical. So I would characterize

GL DW as gold for a strong -do llar environment . Given that, GLDW outperformed GLD during February as the dol lar s treng thened, but the weaker dollar since then has not been helpful to the new product. Now, they say timing is the key to success in financial markets. There’s some truth to that assert ion, and there can be no doub t that t iming so far has limited the success of GLDW. The product is designed specifically for a s trong-dollar environment, and the dollar has done nothing but weaken virtual ly ever s ince GL DW was launched. But I believe markets are stil l cycl ical . The dollar wil l rise again sometime in the future, and at that po int GLDW will have the success that this innovative new p roduct genuinely deserves. T om Lydon: Excellent, George. So George, I know every week you ’re talking to many adviso rs , you’re talking to ins titu tions. As advisors that embrace ET Fs, I think we’ve been seeing a lot for many years about the opportunities to inves t in ETFs that represent equities overseas but also hedge the cu rrency. Now with this kind of similar strategy, can you talk a l itt le bit about how in stitutio ns might be ut ilizin g GLD versus GLDW within the portfolios?

George M-Stanley: I think at this po int we wou ld have to say i t’s very early days fo r GL DW. We only brough t it to market on January the 30th, so it h asn ’t even been ou t there for six months yet . That means i t doesn’t qual ify to be on the platforms of some of the b igger companies — the big wirehouses, for example — which have very strict parameters as to what they can actually allow their financial advisors to invest in. We’ve not seen a huge amount of money moving into GLDW as of yet. There have been some creations. There have been some redemptions, as you would expect in any live fund. But we’ve not seen huge amounts of money coming in, and I th ink that that is purely and simply — that’s a function of the fact o f what’s happened in foreign-exchange markets. The dollar was relat ively strong in February . GLDW performed qu ite well, and we did see creations come in to GLDW during that month . But ever since then, the dollar has been on a downward track . My guess is that we are likely to see fu rther weakness in the dollar as the year goes on, g iven that the spectre of further interes t- rate rises from the Fed seems to be gradually d iminishing. Nobody is exp ecting the FOMC to take any action on interes t rates tomorrow, when they make their announcement. The betting on a September h ike has virtually disappeared . And as Juan Carlo s said earl ier, the odds on a December hike have dipped to around/about the 40 percent area right now. So I think that the environment has been unfavorable for GLDW so far in 2017. But as

I said , I cl ing to the belief that markets are cyclical. We will see the dollar rise again at some point. I don’t know when , but we wil l see the dollar go up again at some point . Maybe not unti l next year. We’ll have to wait and see. And I think that when that happens, then there will be ins titu tional money coming in to GLDW. There’s a lo t of interest in the product, but it doesn’t yet have the l iquidity that GLD has, which I think has been a deterrent for some people, and trading spreads have been comparatively wide compared to GLD. But those are easy obstacles to overcome once the product develops some momen tum. And that will happen when the dollar picks up, Tom. That’s the best I can offer. Tom Lydon: Yeah. Yeah, abso lutely. Well , we’re getting some good quest ions regard ing a lot of the things you jus t touched on — which reminds me, folks: If you have a question, now is a great t ime. Jus t click on the Q&A area, type in your quest ion. We’re go ing to have time to get to a lo t of your quest ions in a lit tle bit , so please type that in. Also, if you haven’t yet , go in the teal-colored folder and fil l out the survey. It will ju st take a minute. We really would appreciate th at . Three lucky adv isors are g oing to win a Starbuck’s gift card . So JC, I’d love to come over to y ou. Another theme that seems to be on everyb ody’s mind is volati lity. What’s your perspect ive on the current low-vo latili ty environment?

JC Artigas : Thank you, Tom. Look, absolutely I think that market uncertainty is a recurring theme. And while vo latili ty is low, all the risk measures seem to point out that investors are buying protection in the event o f a correction. Look , I think that what’s interest ing is that every calendar year that the S&P 500 has [pul led] more than 10 percen t since the 1970s, the go ld price has gone up. So i t doesn’t have to be an extreme event that never happens. Actually, seeing a pul lback for abou t 10 percent in stocks may occur more often than investors think. So when you actually look at the right type o f d ivers ificat ion, on the one hand, I th ink that gold s tands ou t, as it typically — the correlation to s tocks becomes more negative as the stock market pu lls back more. And as I was saying earlier, go ld is also starting to be seen as a source o f return, not ju st for protection but also as a way to complement a po rtfo lio. Especial ly in an env ironment where options are limited and inves ting in bonds may no t be as at tractive, investors are adding risk to their portfolios by increasing their ex posure to stocks. And therefore, gold can serve as a very goo d ballast or a balance to the addit ional risk an d, at the same time, provide returns. Tom Lydon: Okay. So specifically, JC, a lot of advisors, I think, are look ing to gold now. We’re goin g to share the pol ling resul ts in a l ittle b it, bu t folks are a litt le bit concerned about

overvaluations in equities . From your perspect ive, really, what are go ld’s strengths? And what role do they play in a portfolio? JC Artigas: I would say, again, something that poten tially surprises inves tors as they s tart to get more familiar with go ld is the fact that actually gold retu rn s have been quite strong over the long run. If you look back at the 1970s or the past 20 years or the past 10 years , gold retu rn s have been qu ite competit ive relat ive to stocks, as well. So i t’s not that inves tors are looking at an asset that provides almost no return and they are just using it for a potent ial co rrection, but actually i t’s a market that is underpinned by long -term economic growth — so consumer demand in terms of jewelry and investment, and investment in particular in the fo rm of long -term savings . And it ’s complemented by its use as a way to preserve cap ital, especially in periods o f risk. So if we move to the next sl ide? Th is is , I think , quite interest ing because diversifiers are an important part of po rtfo lios . However, the d ivers ificat ion that really works is a diversification that happens during downtu rns, where you have a pu llback in s tocks or in broader markets. And that’s wh en the diversifier is actually g ivin g you some protection. Gold is quite u nique from that perspective because the correlation to s tocks tends to become more negative as stocks fall further. But at the same time, if stocks — or at leas t his torically as stocks have moved up quite a bi t, when you have a strong pull up or

a strong bull run, the correlat ion between gold and stocks has tended to increase. This is actually driven by the consumer side or the economic [and] income growth related to emerging markets in particular, bu t all consumers and investors around the world . Tom Lydon: George, anyth ing you want to add to that , what JC just shared? George M-Stanley : Yeah. If you cou ld put the next s lide up, Tom? What you’re look ing at: T his is a recently published white paper from my team that demonstrates how gold fits very well into the sort of multi -asset portfolio s that investors are increasing ly using these days. These are the portfolios that include strategies involving the selection of equ ities based on capital izat ion — large cap and small cap and so on; s tyle — g rowth and value; sector — techno logy, financials , et cetera; and geography — the U.S., China, general emerging markets, whatever. And a similarly broad range of choices occurs across the fixed- income universe, as well, involving a mix of duration, risk p ro fi le, geography, currency, and so on. So our white p aper, “The Role of Gold in T oday’s Multi-Asset Portfolio,” looked at hypothetical global mu lti-asset po rtfo lios with a variety of allocations to gold, ranging between zero at the bot tom end al l the way up to 10 percent at the top.

And to put the conclus ion simply: The portfol io that offered the highes t risk-adjus ted retu rn was the one with the 10 percent allocat ion to gold. That was the opt imal po rtfo lio. And basical ly, I’ve got to tell you I’m a fan o f anything that improves my Sharpe ratio. Tom Lydon : Exactly, exactly. And I just wan t to make a note here: If you want to get a copy of this, it ’s part of one of the repo rts that’s available in the green-colored folder on the bottom of you r screen . So there’s some great research that’s available. A nd not only that — George’s team does a great job of keeping folks and advisors up to speed regu larly on what’s go ing on with gold. So i t’s very easy to reach out to State Street to get this information on a regular bas is. So down load it and reach out to them if you like i t. Also, we’re going to dive into some quest ions in a minute, as well. But first we have a final pol ling question , and here it is: Do you p lan on in itiating or adding to a SPDR gold share, GLD, by the end of the year? So for your firm, is it a yes, no, or you’re looking at it and sti ll doing a lit tle bit of research? Okay, so I’ll leav e that up for a second . And while your adviso rs are an swering this, George, I’m going to come back to you. And Juan Carlos, you can add in here, as well. A couple of th ings y ou touched on we’ve had a few more questions. We hav en’t really seen in flat ion kick in, altho ugh we’re starting to see no t jus t home p rices come up a l ittle b it. We’re seeing a lit tle bit of wage growth

s tart ing to peek its head up a li ttle bi t. Those are some positive things on the inflat ionary side. What’s i t going to take from a fundamen tal We know that there’s a demand for go ld around the world. Bu t also when you start to see days kind o f l ike today, where some o f the commod ities are s tart ing to spike, does that ul timately have a positive effect on the price o f gold? George M-Stanley : I don’t know that the movements in the general commodity complex necessari ly have a lot to tell u s about what gold is going to do. If you look back at co rrelations, you ’l l see that the stat istical correlation between gold and the commodity complex as a whole is not especially strong. It ’s nowhere near as strong as many people would like to believe it. I th ink i t’s much more that gold is going to respond no t so much to what happens in o ther commod ities, but it ’s going to respond much more to what’s happening in the economy at large. It’s going to respond much more to potential for increased geopoli tical tension. We seem to have plenty of that around these days. I think that gold is go ing to resp ond much more to those so that we’re likely to see safe-haven buying comin g into the gold market irrespective of what happens to the commodity complex as a whole. But what interests me is that there’s a We’re also seeing At the same t ime as we’re seeing some safe-haven buying, we’re actual ly seeing a good deal o f indiv iduals and insti tutions who are quietly rebuilding or

establ ishing for the very first t ime those important strategic al locations to go ld that fi t with in the context of a p roperly balanced portfol io. The literature suggests that most po rtfo lios would benefit from an al locat ion to gold somewhere in the range between 2-10 percent. Personal ly, I’ve found that 5 has been helpful for me over the last several dozen years that I’ve had a strategic allocation to gold. And there is a fu rther body of li terature that says in times of exceptional turbulence in financial markets in general, it can make sound market sense to double your strategic al locations so that instead of talking somewhere between 2-10 percent, you can be talking between 4-20 percen t. Juan Carlos was the one who first pointed me to that particular strain of l iterature. I’m go ing to ask him if he would like to comment further. JC Artigas : Thank you, Geo rge. What I wou ld add, Tom, to the question on go ld and where gold si ts or what gold is, I would say : Look , gold is a unique asset class . It certainly stands out from the commodity complex. It simply jus t doesn’t behave in the same way that others do fo r fun damental reason s. There [are] very specific reasons. Gold [is] used also as a currency, as part of foreign reserves, and many oth ers. But the most importan t thing, I think, is : Look, the World Gold Council focuses on go ld on

advancing or helping investo rs understand go ld, how i t works, and how it works for their portfol ios. So we want to make sure that Every po rtfo lio can be different. Financial advisors obviously speak to many, many investors, and each one of them may have individual needs. So we’re really happy to help investors understand how gold fits within their specific investmen ts and their portfolios , and help advisors have those conversations with cl ients because we defini tely think that the role of gold in a portfolio For example, in a standard 60 /40 po rtfo lio, data suggests, the analy sis suggests i t’s about 5 percent. But again, there are very specific things that can help specific inves tors to have go ld play a very, very important role in their long -term investments. T om Lydon: Excellent, excellent. So we’re go ing to take a second and review the po lling questions. So here we go . What do you believe are the bigges t risks to po rtfo lio performance today? So i t’s almost six — er, more than six of 10 advisors feel “expensive s tock valuations.” And then number two, abou t 44 percent feel “poli tical gridlock in Washin gton.” JC, when you look at this — are you seeing more of this in the marketp lace: that fo lks are most con cerned about the s tock market being a l ittle bi t to o top- heavy? JC Art igas: I wou ld say that our conversat ions with investors are very cons istent. E xpensive valuations is in the minds

o f a lo t of people, and uncertainty . As we were saying before, there’s a lo t of uncertainty. It’s not necessarily seen in vo latili ty levels on the market per se, but you can feel it when you talk to inves tors. And I think that that supports the case for gold as a strategic investment . People don’t want to miss ou t on an upward-market trend on equities, so they are st ill investing [in] stocks and so on; but that is also increas ing the risk of their portfol io. They have in the past used gold to balance some of that risk , especially as these pullbacks can happen, whether it is th rough market events, through geopolit ical events and the environmen t. It’s based on that. And if you couple that with the fact that after many years in recovery mode from the Great Recess ion g lobal economies are starting to get a better pace and starting to try to expand again, that is supportive, actually, of the consumer s ide of gold . So on the one hand, you have better consumer sentiment. But on the other hand, you sti ll have this uncertain ty and these real ly, real ly [tough] valuations . So it’s a good example on the importance of considering gold as part of a portfol io. Tom Lydon: Great. And here’s the next question: How d o you expect th e do llar to perform over the next 1 2 mon ths? So the majori ty of advisors feel like it’s go ing to stay about the same. Twenty-six percent say the dollar is actually going to weaken from here, 18 p ercen t — and that’s a very small percentage — feel it’s

s trengthening , and there’s another 12 percent that really don’t have an opin ion. I’ll tell you, gentlemen, when I look at this, I’m a li ttle shocked because in the las t few years all we’ve been talk ing about is the strengthening dollar. George, when you see this, what do you th ink? We’ve su rely had a sh ift in sen timent . George M-Stanley: Yeah, I th ink that There’s always a tendency, when you’re trying to predict what’s going to happen, to forecast that whatever is happening now is going to continue forever. It’s a very, very strong tendency that psychologists have identified in an awful lo t of folk, and I think that’s what we’re seeing here. I think there’s also a sense We are in what used to be called the dog days of summer. I think there’s a lo t of people who are hoping that things will stay pretty much the same so that when they come back from their wonderful vacations they’ll be able to step straight back into the markets and take whatever actions they want to. They don’t want to come back to huge su rprises . This is why so many peop le sel l in May and go away. So that, to my mind, is I’m not thinking that this is a major shift in people’s out looks at this point . Most people are expecting things to s tay pret ty much the same, and I think that’s probably wish fu l thinking on the part of most people.

JC Artigas : And if I may add, Tom, another telling thing about the resul ts — and I think that you see that , we hear that a lot from investors — is that it ’s difficult to predict currencies. Investors don’t have a clear view. Most of the peop le, 40 percent, may think that i t may remain abou t the same; but equally, it can go up o r down. I think that part o f the point is understanding how that may influence gold and how to ut ilize gold vehicles to s treng then a portfolio in environments where the dol lar can weaken o r can strengthen . Tom Lydon: Yeah, absolutely. Okay. Well , here’s the final ques tion: Do you plan on initiating or adding to a GLD position by the end of the year? Almost 30 percent say yes, a li ttle less than that say no. And as always th rough some of these educational webcasts, we’re throwing a lot of good educational information at advisors, and they go through i t at their leisu re. So about 41 percent are stil l doing research . But Geo rge, when I look at th is, it ’s pret ty pos itive. I think we have a lot of, in general, p eop le not necessarily bul lish on gold but bullish on the fact th at gold deserves a portion of ev erybody’s portfol io. George M-Stanley: Oh, I th ink you’re righ t. As I travel around the country talking to financial advisors and sometimes to the end clients, as well, I get a growing sense of the increasing appreciatio n for the role that go ld can play as a strateg ic al locat ion.

Not so much people wanting to know: “Well, what’s the gold price going to do tomorrow or nex t week o r nex t mon th because I’m think ing of taking a tact ical posit ion.” It’s much more a case of: “So what can go ld do for me in the long term? Is it going to help me? How much shou ld I have? And how wil l it help me?” These are much more the so rt of questions that I’m finding . So I’m heartened to see that the majority of people wan t to do more research . There is plenty o f research available. You men tioned what’s available from SSgA. But I would be remiss if I did not point ou t that World Gold Council under Juan Carlos’s direction is producing an enormous amount of excel len t act ionable research that inves tors would be well advised to take a look at. So there’s a lot of material out there fo r peop le to study. I’m glad that people are doing their due diligence. That’s usually the p recursor to peop le actually making investment decisions. And I think that’s an excellent situation for us to be in, Tom. JC Artigas: And if I may add? And thank you , Geo rge, for you r comments on our research. I app reciate it. Lo ok, the World Go ld Council is, for investors — or we want to be, for investors, a sou rce of insight. We specialize on gold. We look at go ld all the t ime. We wan t to make sure that people understand i t because whatever their decision is — to invest or not to invest in go ld — we believe that it needs to be based on factual research, on unders tanding the asset class.

And sometimes that is no t easy to come by . We have a new head of Gold Market Strategy that joined us. Well, I say “new,” but actually he joined us back in January . So it’s been now abou t six months. We’re doing a lot o f work also here in the U.S. And we welcome everybody to visit Gold.o rg , where you will find a wealth of information on gold, how it works , why it works, and how you can use it. Tom Lydon : Yeah. A nd again, that’s Go ld.org. There’s a lot of great information from the World Gold Council , so make su re you stop by that s ite, as well. Well, we’ve got some great ques tions. So hold tight because they real ly, real ly are good. So here’s the fi rs t one: “In the ‘80s and the ‘90s, there used to be a correlation between oil and gold. Do you st ill use that correlation?” Does that correlation sti ll exis t, gentlemen? JC Artigas: Look, the correlation between go ld and oi l is fairly low. And not only that, i t’s cycl ical . So I think that what happens is You need to understand what the underlying factor is. It ’s importan t to d istinguish between a spurious correlat ion, meaning jus t two variables moving together for whatever reason, and what is the underly ing cause. What happens is that when there is real ly high inflation, people look for vehicles and inves tments to hedge th ose that deliver higher inflation . And th rough that sometimes an investor, especially in the ‘70s an d the ‘80s, u sed gold as that. And also oil prices increased

during that period. Again, the point is no t gold and oil . The point is the underlying driver. So what happens with gold is that there are a few key drivers that you need to bear in mind. When it comes to inflat ion, i t’s about extreme inflat ion o r surprises to inflation, whether you have really high inflation o r actually when people are concerned about inflation. Now, more important ly, it ’s about real ly global inflation. So investors and consumers in India are concerned abou t what in flat ion is doing there, not necessarily what is happen ing with the CPI here in the U.S. And when you look at gold, you need to understand that the long - term driver, as I men tioned earlier, is income growth. And in addit ion to that, p erhaps, the movements that you see in the price of gold, it becomes countercyclical because when inves tors see pullbacks in the stock market they fly to quality, they fly to safety. And that safe haven — you know, gold is usual ly seen and used as that safe haven to p rotect wealth. Tom Lydon: Okay, I’m going to get to the next ques tion because we’ve got a lot of them. And I’m going to stick with you, JC. And I knew we’d get some ques tions about coin s, but Ellen is asking: “Can you comment on the rare one-o unce g old coin s in one’s portfolio?” So if you’re an advisor, do you actual ly have coins in clients’ po rtfolios versus GLD, where you’re actually get ting the spot-go ld allocation? An d maybe things to think about one way versus the other? JC?

JC Artigas : Look , when you start to look at numismatic coins, you add additional variab les that you need to consider. Look, gold — from our perspective, gold is a valuab le component in the po rtfo lio, and there are multiple ways to invest in it for multiple reasons . The bar and coin market , as I mentioned , is an important source of demand and a healthy source o f demand, and gold-backed ETFs have gained momentum. They can be quite cost-effective ways to track the price o f gold. At the same time, that doesn’t mean that investors shouldn’t s till be ab le to buy bars and coins. But again, I’m su re that George can weigh in on the use of gold-backed ETFs in the U.S. specifically and how investors are u sing it. George M-Stanley: Yeah , I think that there’s a d ifference between the two p roducts. With numismatic coins — and that’s what the quest ion is specifical ly asking about, rare coin s — there’s a huge elemen t of sub jectivity in the valuat ion of those kind of things. I think that personally I prefer the objective valuation — you know, an ounce o f gold is worth the p rice of one ounce of gold — as op posed to a one-oun ce very, very rare gold coin. It might be worth 4 or 5 times the price of gold when you buy it. But when you come to sell it , you may find th at it’s not worth qu ite as much. You’ll find a much, much b igger spread b etween the pu rchase and sale prices of those kind of vehicles. They can be very beautiful,

they can be very rare; bu t I think that we’re talking abou t museum pieces as compared to sound investments. One-ounce bullion co ins, to my mind , make sense — although the premiums on those tend to be larger than you would be paying for an ETF. Male Vo ice: Yeah. George M-Stanley: What we’ve found talking to investo rs about GLD is that what most investo rs want is something that is transparent , that is traded on a regulated stock exchange, that it ’s as clo se a proxy as poss ible for the spo t price o f one ounce o f gold, and that it is as secu re as possible. GLD and GL DW fit the bil l for those k ind of inves tors. Tom Lydon: Excellent. Great, George. So George, while I have you , Peter has got a great question: “What’s the counterparty risk of owning gold in an ETF? Could you please review the pros and cons o f owning gold versus an ET F — in an ETF versus owning the physical gold itself?” Geo rge M-Stanley: Counterparty risk would be exactly the same as it wou ld be with any other transact ion in equity shares. So that is whatever relationship you have with your broker. It’s as simple as that . There’s no extra counterparty risk because GLD is backed by gold any more than there is extra counterparty risk becau se A pple makes iPhones. T here’s no logical reason for anyone to think of a different kind of counterparty risk . As far as

the con tras t between investing in gold in an ETF and investing in gold in phys ical form is concerned: Firs t of all, most o f the physical forms of gold that people wil l buy , whether they’re small bars or coins, are liable to sel l at a much higher p remium — probably several percentage poin ts — than the penny-wide spread that peop le typically pay on the stock market for GLD. And the other thing is if you want to hold your gold in a facil ity with an equivalent degree of secu ri ty to the vault o f HSBC Bank in London, where the gold-backing GLD and GLDW are sto red, i t’s going to cost you as an inves tor probably a lot more than 40 basis points, which is the expense ratio for GLD, or 50 basis points, wh ich is the expense ratio for GLDW. When we were put ting GLD together, we looked at what it wou ld cost a range of investo rs to hold gold in an allocated accoun t with a custodian with a long track record, such as HSBC Bank, and we found i t ranged anywhere between 100-500 bas is points. So to my mind , the logic is incontrovert ible. The more cost-effective investment fo r most investo rs is go ing to be a ph ysically backed gold exch ang e-traded fund. To m Lydo n: Yeah , ab solutely. I’l l never forget seeing Bob Pisani in that vault in London taking pictures of all th e go ld. And I’ll tell you, from that point fo rward, gentlemen , that’s on my bucket l ist. I’d love to ju st be in there and see that, and then make sure I tak e — when I come out,

get al l the flakes off my suit just because I know it’s got to be floating around . But anyway , I’ve got another question from Walter: “IRS considers some gold investments collectibles and are taxed at 28 percent capital gain. Which ones are not taxed this way?” Geo rge M-Stanley: I don’t know of any that are no t that are available in the United States. The 1997 Taxpayer Relief Act has a lot to answer for because i t was that act which, in one paragraph, removed gold — and that wou ld have included GLD had it been in exis tence at the t ime — it removed gold from the “collectible” catego ry provided i t met certain cri teria: being at least 99 .5 pure and being held in a registered cus todian. It removed gold from the “col lect ible” category for all retirement p lans — IRAs, 401(k)s, anything else that you may have — but it left go ld in the “collectible” category for long -term capital-gain s tax. That’s dumb. It’s an anomaly that Congress created. And unfortunately , only Congress can amend the legislation to correct the anomaly that Cong ress created back in 1997. To my mind , it’s a great pity , but that’s the situat ion. Congress d id it . If you don’t like it , call your congressman. Tom Lyd on: Ok ay. JC, back to you. Here’s the point : “With jewelry demand mak ing up 54 percent of the total demand So as demand overal l

p icks up with commodity cycles , how does gold not follow commodity cycles?” JC Artigas: Actually, that’s a great question. So gold , as I describe it , has a dual nature, unlike many other assets. So gold is unique. I think you really need to look at it from [unintel ligible] perspective. Now, gold has a dual nature. On the one hand, it ’s a consumer, it’s a luxury good. And from that perspect ive, it’s d riven by income growth and so on. But what gold has that pret ty much no other asset has is that i t’s also an inves tment [and as a] safe haven. And therefore, it tends to be countercyclical on its investment demand . There’s a pull and a push between these two aspects. Now, the long-term trend is driven by consumer demand and by long-term investments. That is what gives gold i ts long-term returns. Now, investment demand tends to move in countercycl ical cycles. You tend to see i t much more when there’s higher uncertainty and volati lity . And a very simple explanation on why investmen t perhaps weighs more o r has more impact in short-term p rice discovery is because there’s also the derivatives market . So right no w we’re talking ab out physical demand for gold, jewelry being 54 percent of gold demand, and investmen t demand over the long run, which doesn’t necessarily mean that i t’s every quarter but over the long term, ab out 30 percent.

In addition to that , there’s demand fo r gold or go ld pos itioning through derivat ives markets. That can influence price d iscovery and can influence how gold behaves in the sho rt term. In other words, when you look at gold, you have th is dual nature that doesn’t appear o ften. So to summarize, gold has a dual natu re: consumer good but also investmen t. And those two things, on the one hand, form the t rend fo r gold bu t also the coun tercyclical aspect or the countercycl ical cycle that moves around that trend. Tom Lydon : Great. JC, thank you. Gentlemen , I know we could continue to go on. We have a lot more quest ions we weren ’t ab le to tackle. If you put in a question and it wasn’t answered, somebody from State Street Global Advisors will contact you in the next 24-48 hours. We want to make sure you get all your questions answered. I want to thank all the advisors that took time out of your day to be here. Again , a g reat educat ional sess ion today, so thank you. I want to thank State Street Global Advisors, World Gold Council for sponsoring today’s webcas t. Juan Carlo s, George, excellent job, gentlemen . Thank you very, very much, an d look forward to hav ing you both back again soon. And hope you all en joy the rest o f your day. George M-Stanley : Thank you , Tom.

JC Artigas : Thank you. [End o f recorded material]

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